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needs to do is to understand that deficit reduction is an important issue. we have a trillion dollar deficit, but we also have to address the basic economic issue of the decline of the middle class, the fact that real unemployment tactics, a real unemployment is not 7.8%. it is 14%, counting those people who have given up work and are working part-time. did he pay enough attention to that issue? i think not, and that is the issue we have to focus on. >> there are so many issues, and we will not get to all of them. let me advance further, and we will come back. you just said what he did not get into. he could not get everything into that speech, but give me a sense of what you would like to hear him. front and center, the challenge you would like to hear him offer to congress when he gives -- gets to the speech in a couple days and he has time to develop what is in his heart. >> i think the most important issue for him to speak about is the understanding this country cannot go forward in terms of an austerity program, cut, but we have to do the opposite, and that is to create millions
and the observation that -- and i will quote him -- "annual trillion dollar deficits have become the norm with the current administration." senator hatch is certainly right that that debt is too high. and annual trillion-dollar deficits have indeed briefly become the norm, but i would suggest that that's not the norm recently because of this administration. it's the norm because the economy collapsed. we all remember that the economy collapsed. and to withdraw federal spending from a collapsing economy is only to make things worse. the economic collapse created these deficits, and as the economy recovers, we can draw this will down. now, there's not aagreement on that. some have preached austerity as the way forward when the economy coul lapses. -- collapses of the and when this withstand, there was lively debate between those who support that would be more sensible than austerity. we're past us a started and now into experience much the experience of foreign countries belies that austerity works when economies are collapse ago. from spain to greece, european countries that responded to t
deficit will be under $1 trillion for the first time since president obama took office. the c.b.o. also estimates the economy will grow 1.4% this year with unemployment remaining around 8%. c.b.o. director sat down with reporters this afternoon to discuss the economic and budget forecast. >> hello. thank you all for coming. i'm the director of the budget office. c.b.o. just released its outlook for the federal budget and the economy over the next decade. i'd like to tell you a little bit about if and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law we expect that the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under current law, we expect the budget deficits over the next decade would total about $7 trillion. with deficits so high, the federal debt held by the public would remain a larger percentage of g.d.p. as in any year be
-dollar deficits; and the very same president who warned against raising taxes in a down economy is proposing to raise taxes in a down economy. he's clearly getting a big assist on that front from the chairwoman of the budget committee, who says she's going to include tax hikes in the senate democrats' budget plan. that's a bad enough idea to begin with, but it's especially counterproductive considering yesterday's dismal growth numbers. because there are two things we know about tax increases for sure: first, they reduce jobs and hurt economic growth, and, second, they distract us from addressing the real problem, which is spending. as i've explained repeatedly on the floor over the past two weeks, government spending is completely out of control. completely out of control. it's projected to get much worse in years to come. even if the president got the additional tax increases he's asking for, we still wouldn't even come close -- not even close -- to solving the problem. and we certainly we need to get there by wasting time on poll-tested p.r. gimmicks that will hardly bring in any revenue.
are takkng to reduce thh deficit and promote econooic growth.. 3 just days after news thht the economy as shrunk slightly in the fourth uarter of 2012, presidenn obama says the recovvry issshowwng signn & of growth. the president sat down with c-b-s' scott pelley forrannexccusive innerview aheaddof the superr -3 bowl.marianne rafferty hassmore. 3 ooama says: "housing is 3 going strong, car sales are uu. the truth is overall here were a lottof ositive signs eeonomy is taking a step forward, but some economisss say ii's on a slow path. -3 some say one offthe things polding up progress is folkss in washinggon. president obama is ccaling on lawmakers toowork together on a balanced approach to reduce the deficit and promote economii growth. but continued gridlock may pmpact a deal.dowd: republicans are unwilling to let's ddficit spend in order 3&&pare unwilliig to address -3 government ssending, so they -3 deficit spend, both sides, wwich iswhy the country does not rust washington. -& while thh wwite house and 3
melissa francis. lori: i am lori rothman. we will learn how hi our deficits could rise. melissa: we will hear from the president in just a couple minutes. we will bring you the remarks live. lori: immigration reform also on the top earner today. we will hear from business leaders on how reform should be done. lou dobbs weighs in. melissa: our very own charlie gasparino goes one-on-one with municipal analyst. that should be very interesting. lori: let's get things started with the latest addition of stocks now. the 20 you see volatility here. the fix is to the downside today on a day where we are gaining triple digits, unlike yesterday where we love triple digits. the majority of the dow components are in the green. we have economic numbers showing expanding numbers in the u.s. service. we will take a look at a longer term chart. back to you. lori: thank you, as always. melissa: breaking news. the budget office releasing the latest numbers. what we can expect our deficit to be. rich: $845 billion for this year. this is the first time in five years. let's take a look at the next ten y
of office today protected the state of the economy. they said two things. number one, the deficit this year is going to come in lower trim dollars, the first time in the obama years. and they also said we're only goal going to great growth of 1.4%. they're saying if you cut spending, you will cut the deficit. if you raise taxes, you will cut the deficit. they're saying the exact opposite to you. >> doesn't make sense. i don't think the government is going to collect all the new revenues they're protecting because when you start taxing investors, small businesses, they tend to cut back and don't have the profits to pay taxes on. the presidentes distracting from the real conversation, stewart. we have to cut spending. there are many areas of the government where we duplicate other areas, where there's wasteful spending. we need to move some things back to the states and need to make a commitment to balance our budget within ten years. if we do that, we see our markets and our economy improve almost overnight. >> quickly, jim, do you predict dealt disaster if you raise taxes? >> i think our de
in the hospital or rehabilitation facility. >> ahead, newest projections on the federal deficit. first we'll talk about the economy and political issues with house majority leader, eric cantor. don't go away. [ coughs ] [ angry gibberish ] i took something for my sinus, but i still have this cough. [ male announcer ] a lot of sinus products don't treat cough. they don't? [ male announcer ] nope, but alka seltzer plus severe sinus does it treats your worst sinus symptoms, plus that annoying cough. [ breathes deeply ] ♪ oh, what a relief it is! [ angry gibberish ] i'm here to pick up some cacti. it should be under stephens. the verizon share everything plan for small business. get a shareable pool of data... got enough joshua trees? ... on up to 25 devices. so you can spend less time... yea, the golden barrels... managing wireless costs and technology and more time driving your business potential. looks like we're going to need to order more agaves... ah! oh! ow! ... and more bandages. that's powerful. sharble data plus unlimited talk and text. now save $50 on a droid razr maxx hd by motorola. th
office, assumes no change in current laws, 2013 fiscal year budget deficit, $845 billion. cbo projects first time below $1 trillion since 2008, 5% of gdp, well below the peak of 2009. saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal health care subsidies, spending cuts and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house
stood here as your new governor wisconsin was facing a $3.6 billion budget deficit. property taxes had gone up 27% over the previous decade, increasing every year and the unemployment rate was 7.8%. today wisconsin has a $34 million surplus. property taxes on median value home went down each. last two years the unemployment rate, well, it is down to 6.7%. [applause] we're turning things around. we're heading in the right direction. we're moving wisconsin forward. and unlike other states we avoided significant tax increases, massive layoffs and cuts in programs like medicaid. instead we put in place long-term structural reforms that helped us balance state and local government budgets for years to come. what we did was think more about the next generation than we did about the next election and it worked. but the first time in our state's history we set machine any aside in two consecutive years for the rainy day fund. our bond rating is solid and our pension system is the only one in the country that is fully funded. [applause] we made tough but prudent decisions to get our fiscal hous
in the hole this year alone with our deficit, this is a great way to raise tax revenue. let me finish, it would charge an excise tax of 50% of the first sale. 50% of your first dollar would go right to the government. pay $1000 annually just for being tax producers, and they would require the irs to produce a study of industry after two years. once you get the irs involved, my friend, we are talking about a full one industry that will be taxed and it will never go away because the irs is going to want to get money from it. what do you think about a federal tax on marijuana? >> at this point it is premature because only two states down the road could be a good idea, but it is mostly about the states. federal tax on marijuana. i'm talking about blumenauer. is that whe the one you like? >> yes. let's allow the state to legally regulate that stuff. let the states tax them. >> or heard about it for lottery, gambling, tobacco, alcohol, we spend more on the social cost of the problems. gerri: what do you mean? let's have an answer. >> talk about the lost productivity, department of justice r
. that he expects there will be a balanced budget next year with no deficit and they will be able to breathe a little easier. >> also setting aside a little bit of money for the rainy day fund with the concern that while maryland's budget is in relatively strong shape, as we see the first lady trailing the governor there, shaking hands with senator madalino, while the budget situation has been cleared up in maryland, in washington it's a colossal mess. there is the threat of sequestration, automatic big spending cuts. and maryland in proximity to the district of columbia has so many jobs. not only people who work directly for the federal government, but people who work for contractors that supply the government. >> the governor is proposing in this budget to increase the rainy day fund from 5% to 6%. so that there is more money there. and there will also be a large amount of money in kind of a slush fund to use in emergencies. >> house steve michael busch will do the introduction of the governor. > [ applause ] >> and now say the state of
believe there is a better way to reduce the deficit. the president's sequester should be replaced with spending cuts and reforms. that will start us on the path to balancing the budget in ten years. there is no balance in terms of revenue. the question is are congress and the white house headed for yet another big showdown. to come to us from washington to answer that question is karen bass from california. thank you for coming to the war room. >> thank you for having me again. >> jennifer: you bet. so the republicans are saying that obama's plan as he announced today are dead on arrival. are they serious? is this just posturing before they reach a deal? >> i certainly hope it is because the fact of the matter is we're three weeks away from the hammer falling. what the president has called for is for the republican majority to act responsibly. why on earth would they want to send our economy into another recession. if we can't come to a grand deal by march 1st. what the president has said and the democratic leadership hats said is okay do another short-term proposal but make it ba
now to further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades. liz: really, reduce the deficit? that did not take long. all of that new tax money drummed up by raising rates on the upper bracket is gone. congress spending it all in one boat. says this is proof positive tax hikes alone won't be what fixes our debt. >> that is absolutely right. members of congress, particularly democrats getting reelected and help putting america back on a path for fiscal sanity. they will not be fiscal sanity. liz: it was just so ugly, whole group of taxpayers and dr. norse attacked, basically now resting the president whipping fastballs by the american people. clearly the american people are much smarter than that, what do you make of that? >> we know this from what the president has told us, every year he puts on a budget, every year we see it adds billions and billions over the next 10 years because it doesn't matter how much it taxes the american people, this isn't about taxing thrich, it is growing the size of government. th
is president obama really cares about the deficit. if there is something he noticed in the first two years when the economic crisis had to be front and center, the thing he wanted to deal with was the long-run deficit. the idea that he went on a spending binge if you don't make threats like that is crazy. the evidence is there that he put spending cuts on the table. he asked them for them to be paired with tax increases as well. there is more good will than people realize. more agreement that we have such a big budget problem that will we're going to fire on all cylinders. we have to cut spending. frankly, we have raise more revenue. >> you're listening to the california program and our speakers are economic experts. we are discussing national, regional, and global economic challenges. you can find video online. there's a series of questions around employment and job growth. what what is your outlook on job growth? >> i will start. i think -- i will say i was here last year and i'm more optimistic this year than last year. we made a significant amount of progress. it looks like housing prices h
of the administration, the deficit tripled, the previous record high deficit in this country, to $1.4 trillion. $1.3 trillion in f.y. 2010. $1.3 trillion in 2011, $1.2 trillion in f.y. 2012. and, mr. speaker, there's no plan that the administration has produced to get us from where we are, fiscal irresponsibility, to a point in the future of fiscal responsibility. mr. speaker, we've been doing our part here in the house, we've been proud to work together across the aisle in order to pass budgets that tackle those hard challenges that are ahead of us. if you go and read the president's comments, mr. speaker, you'll see that he recognized the challenges are hard. the question is, are we going to deal with those or not? i hold here, mr. speaker, a speech that the president made to the democratic national convention on september 6, 2012. where he said this, i will use the money that we're no longer spending on war to pay down our debt and put more people back to work. and my notes here said it was followed by extended cheers and applause. i suspect my friend from massachusetts supports that spirit who
money to reduce the deficit and will likely focus on a familiar target. white house correspondent wendell goaler tells us how that is going over. >> as the president headed to minnesota to talk about gun violence, republicans on capitol hill tried to keep the nation's attention on fiscal matters. >> we are having trouble in large part because spending is a problem. it is what is chasing jobs overseas and causing much anxiety about our future. >> sunday in a presuper bowl interview with cbs's scott kelly mr. obama said this year's changes shouldn't be the last. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down the deficit. he is not talking raising rates but closing loopholes especially those making money from investment pay a lower tax rate than income salaried or hourly wage earn ers. >> the average person doesn't have access to cayman island reports. they don't have access to interest income where they pay a much lower rate on billions of dollars they have earned. >> mr. obama says the only way to continue investing in
to the well again. the president insists he needs more money to reduce the deficit and will likely focus on a familiar target. white house correspondent wendell goaler tells us how that is going over. >> as the president headed to minnesota to talk about gun violence, republicans on capitol hill tried to keep the nation's attention on fiscal matters. >> we are having trouble in large part because spending is a problem. it is what is chasing jobs overseas and causing much anxiety about our future. >> sunday in a presuper bowl interview with cbs's scott kelly mr. obama said this year's tax changes shouldn't be the last. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down the deficit. he is not talking raising rates but closing loopholes especially those making money from investment pay a lower tax rate than income salaried or hourly wage earn ers. >> the average person doesn't have access to cayman island reports. they don't have access to interest income where they pay a much lower rate on billions of dollars they have earned. >> m
off and watch the deficit go down by what they built into this system, what was intended to be the ultimate stick because they had not been able to resolve longer term solutions to the budget, so these sweeping cuts would help to kind of reset the order and put the country on a path to saving some money. you have republicans now, and fiscal conservatives, particularly, who say that if the sequester does happen, it will be a way to force the country into recognizing the need for further cuts. as some of the measures go into effect, that would create another time of urgency to get to the table and talk about this. the president and senate democrats will talk about additional tax revenue which they thought was settled as a way to put this forward. what is happening where senate democrats are having a retreat, meeting behind closed doors, looking at how long could they delay the sequester, how much time could they buy themselves, and how would they pay pour it? would there be cuts elsewhere or new revenue, some kinds of new tacks? they're trying to resolve that. the president
joins us thousanow all the details. >> as you know, there are two ways to go about deficit reduction under the sequester law passed in 2011. one is the full ten year sequester. that's $1.2 trillion in budget cuts over ten years. the other is to do it piece meal. if do you it just for the rest of of the year, it would just be $85 billion. president obama said if congress can't agree with the full pack annual by march 1st, we need to do something smaller in the name of staving off damage to the economy, to consumer, and to federal workers. here's the president. >> if congress can't act immediately on a bigger package, about they can't get a bigger package done by the time the sequester is scheduled fto go into effect, then i believe they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> now, of course the fundamental barriers separating the two sides on either a short term or long term deal is that p
and here's what's "money" tonight. reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in china will get the first free union vote. these guys produced 40% of the world's electronics. will this push up the price of your smartphone? you might want to embrace for impact. even when they say it's not it is always about money melissa: first let's take a look at today's market moments. stocks recovered after the worst day of the year. solid u.s. and european economic data helped put the bulls back on the track. the dow briefly climbed back above the 14,000 mark and pared session highs closing up 99 points. nasdaq and s&p 500 each gained more than 1%. >>> starting off tonight with p
who said this, she said this, when i think back myself in may 2010 when uk deficit was at 11%, when you were in office, right? and i tried to imagine, and i tried to imagine what the situation would be like to take if no such fiscal consolidation program had been decided, i shiver. that is what the imf says about the plan of the last labour government. now, he raises the issue of growth. >> order. it is not acceptable to shout down either the prime minister or the leader of the opposition, and the public have a very low opinion of that kind of behavior. let's hear the questions and hear the answers. the prime minister. >> he raises the issue of america, and american growth. the fact is our recession was longer and deeper than the recession in america. the biggest banking bust was not in the american banks, it was british banks. he doesn't want -- they won't talk back to more because he doesn't want to talk back yesterday when the key people responsible for the regulars of the bank and the performance of our economy are sitting right there on the opposition and just. [shouting] >> ed
said this, when i think back myself of may 2010 when the u.k. deficit was at 11%, when you were in office, right? and i tried to imagine what the situation would be like today if no such fiscal consolidation program had been decided, i shiver. that is what the i.m.f. says about the plans of the last labor government. now, he raises the issue of growth. >> order! >> it is not acceptable to shout down either the prime minister or the leader of the opposition and the public have a very low opinion of that kind of behavior. let's hear the questions and hear the answers. the prime minister? >> he raises the issue of america and american growth. the fact is our recession was longer and deeper than the recession in america. the biggest banking bust was not an american bank, it was a british bank. they want to talk about tomorrow because he doesn't want to talk about yesterday when the two people responsible for the regulation of the bank and the performance of our economy are sitting right there on the opposition benches. >> once again, a completely incompensable answer, mr. speaker. i
can't keep spending money we simply do not have. >> tax uncertainty. >> the deficit is still too high. >> gridlock over how to fix it. if it weren't for politicians in washington, 2013 could be a boom year. take a step back. your home, your investments, your job. the three ways most people build wealth are all set to take off. home prices rose 5.5% in november, biggest jump in six years, stocks are at five-year highs, near records. the dow is up 800 points in just four weeks. jobs are coming back. things are looking bright in 2013, but to capitalize, you'll have to get ready. and get smart. because smart is the new rich. company profits are up, home prices are up, markets are way up. sandy, why is this market up? i mean, end of last week, i see gdp actually shrank in the end of 2012 but markets are near records. why? >> i think three different things are going on. we are seeing signs of strength in the economy, notwithstanding the weak gdp figures. there was a lot of temporary stuff going on there. if you look at computer spending, housing in particular, you're seeing signs of strengt
we have had five straight trillion dollars worth of defense deficits to pump it up and we get $85 billion a month in transfusions a month from the fed and we are still limping along like a mature and quite frankly modest economy. >> eleanor? >> i think these numbers reflect the fact that government is shrinking and the defense department really pulled back in the last quarter of last year. it is a cautionary sign and looks like both parties are kind of sleepwalking their way toward a sequester. the ropes don't want to -- the republicans don't want to give up anything on the revenue side they would rather take a hit in spending. the democrats have protect social security, pell grants and medicaid, so they are not going to cave first. so if neither party blinks, the sequester will go ahead and we'll see further contraction in the economy. but you know, i'm not that glammy. i take my cue are from mark sandy, an accomplished economist. he says in 2013 we are going to go along with steady, modest growth but the housing market is truly come back and 2014 looks like. >>> tell mark the co
. . it is not broke. our priorities are broken. there is a misplaced obsession with debt and deficits as the national emergency of our time. that has driven the story line inside the beltway. we did a story on how the austerity cost rules washington. it is a portrait of think tanks, philanthropists and others who have framed in a way so it is hard to tell an alternative story. that has shifted a little because of new voices and forces emerging from the 99% or what ever you want to call it. >> you had better have twitter and facebook involved in the project. >> we do, absolutely. we have all kinds of new media. i agree you need to use all of that. it has been a very powerful force. we use all of that at "the nation. " we have a correspondent right about this in a politically. at occupy wall street in new york a few miles from our office, one thing that struck our correspondent was how many young people came to the square and were caught up in conversations, talking to people and the general assembly's, conversations. so many people have lived in front of their laptop or been part of the new media that
revenue is needed to bring down the deficit but believes it can be done without another tax hike. speaking to cbs news anchor scott pelley yesterday, the president said the u.s. can reduce its deficit by closing tax loopholes and making what he calls smart budget reductions. >> if you combine those things together, then we cannot only reduce our deficit, but we can continue to invest in things like education and research and development that are going to help us grow. >> well, today the president travels to minneapolis where he'll push for proposals to gun control durs his visit. susan mcginnis is in washington. good morning. >> good morning. this will be the president's first trip outside washington to push his gun proposalproposals. he's pushing for a big rally in support of this. in the meantime the senators are said to be preparing their own legislation very similar to the president's employee posal but conspicuously absent is the assault weapons ban. he takes his pitch for gun safety to minneapolis today. he wants congress to require universal background checks, limit how many bullets
was $3.48. the federal budget deficit expected to show short-term improvement this your according to the congressional budget office, declining to $845 billion from 1 trillion. the annual deficit expected to go as low as 430 billion by 2015 before soaring to almost a trillion dollars by 20203. joining us now to assess all of this is former director of the congressional budget office and president of the american action forum. let me start with, the president today insisting that he have, well, new revenue. just so that the congress would have the privilege of somehow saving him from himself and pushing back the impact of this sequester that his white house offered. does it get any more curious than that? >> it just proves we are in a budget another world. the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve t
really needed was deficit reduction. and this is a period in which we didn't come to a big deficit reduction deal. what we did is raise taxes. it cut the deficit a bit, but not a big deal. what happened to the markets? somehow we kept adding jobs and the stock market did really well. it all worked out reasonably okay. so here is what we learned. cutting government spending hurts economic growth. no doubt about it. that means doing it in a bad economy may not be such a good idea. but increasing taxes a bit, not coming to the big deficit deal. the private sector and even the markets don't seem all that concerned. the last week should cause a lot of people in washington to re-think what they're doing. i am not optimistic that will happen. joining me now, former economic adviser to vice president joe biden, jared bernstein, a man who is always re-thinking what he is doing, how are you? >> i'm fine, ezra. >> and what else did you see in the reports? you got a good eye, what caught yours? >> one thing i saw was the revisions to last year's employment growth was such that i thought we wer
there is a better way to reduce the deficit. he's calling for cuts and reforms that will put us on the path to balancing the budget within ten years. you can see it live. we're keeping an eye on the white house. we'll bring you the president's remarks as soon as he gets to the podium. >>> we are tracking a developing story on new details from the justice department that seem to lay out its case for killing u.s. citizens if they're determined to be a terror risk. the memo first reported by nbc addresses issues raised after recent drone strikes including the one that killed american born al-qaeda leader, but now a bi-partisan group of senators says it wants to know why they were never briefed on what is apparently new presidential authority. chief intelligence correspondent kathryn her image is live with more. >> reporter: this letter signed by eight democrats and three republicans urges mr. obama to produce a highly classified memo that authorized the targeted killing program so that, quote, congress and the public can decide whether the president's power to deliberately kill american citize
's transparent and that we're reducing our deficit in a way that doesn't hamper growth. >> reporter: the response from house speaker john boehner's office? the president got his revenue, now it's finally time to make the reforms necessary to save our entitlement programs. any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create or more jobs. automatic spending cuts hit the federal budget march 1st. less than four weeks later, a large portion of federal spending authority expires. if democrats and republicans fail to resolve these tax and spending differences, the government is headed for those across the board spending cuts and a government shutdown. back to you. connell: rich, thank you very much. rich edson in d.c. dagen: let's bring in david stockman, former economic adviser to president ronald reagan. there's no urgency though. if we don't do something about our annual budget deficits and our longer term debt that we're accumulating, is it just going to be kind of a slow drip like where we bleed to death as a nation, where we don't re
with harry reid and turn this into a tax hike xwbill? >> what we need to do is focus on the long-term deficit. i agree. you raised the point about the need to get together and come up with a deal and eliminate the deficit, that would be great. but cutting a massive, massive cut in spending. but it is a bad idea. but you have a month. okay. march 1st is the deadline. five 12th of the fiscal year is over. that takes $24 billion out of the equation. so you are going to talk i don't know what the math is, i'm going to say $55 billion, nearly all of that is going to be slower growth. if we can't do that, then we can't do anything. remember, what we are doing here, that spending is somebody else's income. look, i'm all for long-term cutting. >> we have to start copying these programs. we gave $60 billion out in the relief bill. $40 billion of it was pork. the net cut here was almost zero. the economy was very soft. we can agree we want growth. >> but cutting spending is good for the economy. >> if you can cut spending and you don't reduce taxes you are sucking demand out of the economy. here is the
people like laura tyson writing columns calling for the need for a plan for faster growth, not deficit reduction. what is the president -- i know you've talked about how all the president's plans envision job creation, but what does the president tell his advisors when he sees these signs of a sluggish recovery? what is he asking in the way of things to speed recovery, create jobs and stimulate growth? >> i'll go to the narrow question first. every time the president meets with his economic advisors to discuss policy proposals and refinements to existing policies, the focus is on job creation and economic growth. and that includes when we have discussions about deficit reduction. as i've said many times and as the president has made clear, deficit reduction is not a goal unto itself. it is a means to, if done right , the desired goal, which is greater growth and greater job creation. as part of an overall economic policy. i would note that today's jobs figures and the revisions that we saw in previous months' jobs figures mean that over 35 months we have created 6.1 million private sec
have worked together to reduce our deficit by $2.5 trillion. that is a good start, but to get the rest of the way, we need a balanced set of reforms. for example, we need to lower the cost of health care like programs like medicare. we cannot pass the burden. these reforms must go hand-in- hand with eliminating excess spending in our tax code so that the wealthiest cannot take advantage of loopholes and reductions that are not available to most americans. 2012 can be a year of solid growth and more jobs and higher wages. -- 2013 can be a year of solid growth and more jobs and higher wages. everyone in washington needs to focus on what is right for the country, on what is right for you and your families. that is how we will get our economy moving faster. it will strengthen our middle class. we will build a country that rewards the effort and determination of every single american. thank you. have a great weekend. >> hello. my name is susan brooks. it is a pleasure to speak to you from my home state on indiana. my husband and i have raised two children here. i've been a us attorney for t
of it this way. think of this. deficit spending robs taxpayers to finance government unions and special crony capitalist interest groups. that's why milton friedman called spending the gdp the ultimate tax burden. if you get spending gdp from 25% to 20%, wow, you'll be cooking up some economic growth. now, these cuts so-called it's about $80 billion, i think, in the first year, over ten years it runs about $1.2 trillion in total. i think it'll bolster confidence in business, i think it'll help markets, and i think it'll show people that the u.s. economy is not greece. now, everybody may not agree with me. and those that do disagree with me are, of course, wrong about this issue. but, yes, we will debate it. it's an important issue. but first up, here's what paul ryan says about why these cuts are important. >> we're not preaching austerity. we're preaching growth and opportunity. what we are saying is if you get our fiscal ship fixed, you preempt austerity. that's the -- here's what a debt crisis is. a debt crisis is what they have in europe which is austerity. ♪ alright, let's go. ♪ shim
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